IRPH Banks in Spain: Which Banks Used IRPH Mortgages?

The IRPH index was used by several Spanish banks as a reference rate for mortgage loans. Many borrowers later discovered that mortgages linked to IRPH often produced higher interest payments than mortgages linked to Euribor.

Because of this difference, thousands of homeowners have questioned whether the IRPH clause in their mortgage contract was properly explained when the loan was signed.

Understanding which banks used IRPH mortgages helps borrowers determine whether their loan may be affected.

IRPH mortgages in Spain — key facts

• IRPH is a mortgage reference index used by several Spanish banks.
• It is calculated from the average interest rates applied by financial institutions.
• IRPH mortgages often generated higher interest payments than Euribor.
• Courts now analyse whether banks properly explained the index to borrowers.

Which banks used IRPH mortgages in Spain?

Over the years, a number of Spanish banks used IRPH as a mortgage reference index. The index was commonly included in mortgage contracts during the 1990s and 2000s.

Financial institutions used different variations of IRPH, including IRPH Banks, IRPH Savings Banks and IRPH Entities.

Although some of these indexes were later discontinued, many mortgages continued using IRPH as the reference interest rate.

Why IRPH mortgages became controversial

The IRPH index has been controversial because it often produced higher interest payments compared with Euribor, which became the most common mortgage reference index in Spain.

Borrowers sometimes discovered that their mortgage interest costs were significantly higher than those of similar loans linked to Euribor.

This difference led many homeowners to question whether they had received sufficient information before signing the mortgage.

You can read more about the differences between these indexes here:

IRPH vs Euribor explained

European court rulings on IRPH mortgages

European courts have analysed whether IRPH clauses meet transparency requirements under EU consumer protection law.

These rulings have played an important role in shaping how Spanish courts analyse IRPH mortgage disputes.

If you want to understand the legal background, read our guide to the:

CJEU ruling on IRPH mortgages

How Spanish courts analyse IRPH mortgage clauses

When courts review IRPH mortgage disputes, they usually analyse whether the borrower received clear information about the index before signing the loan agreement.

This includes examining whether the bank explained how IRPH was calculated and how it compared with other indexes such as Euribor.

If the clause is considered abusive or insufficiently transparent, courts may declare it void and order compensation.

You can learn how the legal process works in our guide to:

IRPH claim process in Spain

How much money may be involved in IRPH claims?

The financial impact of IRPH mortgages varies depending on the mortgage amount and the difference between IRPH and Euribor over time.

In many cases, borrowers may have paid thousands of euros more in interest.

You can estimate the possible difference using our:

IRPH overpayment calculator

Related IRPH guides

If your mortgage uses the IRPH index, the following guides explain how the system works and what options borrowers may have.

• IRPH mortgages in Spain explained
• What an IRPH mortgage is
• IRPH vs Euribor explained
• EU ruling on IRPH mortgages
• CJEU ruling on IRPH clauses
• IRPH claim process
• IRPH compensation claims
• IRPH refund claims
• IRPH calculator
• IRPH compensation calculator

In IRPH mortgages, the reference interest rate is determined by the clause included in the loan contract.

You can read how this clause works here:

IRPH mortgage clause explained

Frequently asked questions about IRPH banks in Spain

Which banks used IRPH mortgages?

Several Spanish banks used IRPH in mortgage contracts, particularly during the 1990s and 2000s when the index was widely applied.

Is IRPH still used in mortgages?

IRPH is much less common today, but many existing mortgages still reference this index.

Can borrowers challenge IRPH mortgages?

In some cases, borrowers may challenge IRPH clauses if they were not properly informed about how the index worked.

How can I check whether my mortgage uses IRPH?

You can learn how to identify IRPH in your mortgage deed in our guide:

How to check your mortgage deed for IRPH